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of <h1>New GST Act Section 128A Waives Interest & Penalties on Tax Demands for 2017-2020; Settle by Notified Date.</h1> Section 128A of the GST Act, effective from November 1, 2024, provides for the waiver of interest and penalties on tax demands raised under section 73 for specific periods between July 1, 2017, and March 31, 2020. Taxpayers who settle their full tax liabilities by a government-notified date can benefit from this waiver, concluding related proceedings. Exceptions include erroneous refunds and ongoing appeals not withdrawn by the specified date. Refunds for previously paid interest and penalties are not available. The government will notify the deadlines for payment to qualify for the waiver, and further clarifications are provided through official notifications and circulars.
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